Only 25-30 percent of companies listed in the market create all the wealth which is there to be created in the market. The rest 70-75 percent add up to virtually nothing, he said.

He further mentioned that there is still value left in the market on a long-term basis.

“We are looking at businesses, which are looking to earn their cost of capital or more than that for long period of time. In the financial sector, we see lot of such opportunities whether in the private banking space or in select non-banking financial companies (NBFCs). So we do have a reasonably large exposure to the sector,” he added.

Jobs is one area of worry. Our expectation is once this goods and services tax (GST) comes back then we could go back to seeing some reasonable job growth, said Nigam.